Gaja Alternative Asset Management
- Issue price
- ₹ 160
- Issue size
- ₹ 550 Cr.
- Min. investment
- ₹ 14,880
- Listing price
- ₹ 185
- Subscribed
- 31.33x
- Lot size
- 93 shares
- P/E
- 27.54
- RoNW
- 13.13%
- Debt / Equity
- 0.07
- PAT margin
- 51.94%
- RoE
- 16.47%
- EPS
- ₹ 5.81
- NAV
- ₹ 53.73
- Promoter stake
- 54.23%
About
Gaja Alternative Asset Management Limited was started in April 1999. It is an Indian owned alternative asset management company. In simple words, it collects money from large investors and invests that money in Indian companies through funds. It manages and advises Category I and Category II AIFs registered in India as well as offshore funds that invest in India. The company invests mainly in mid sized companies in areas such as education, energy and environment, financial services, consumer products and digital technology. It runs the Gaja Capital Funds, which include Fund II, Fund III and Fund IV, and has investors from more than 20 countries. The company earns in three ways, through management fees on the money it manages, through carried interest which is a share of the profit when a fund does well, and through gains on its own money invested in those funds. As on 31 March 2026 it had put in about Rs 274 crore of its own money as sponsor commitment, which is 6.41% of the total size of the Gaja Capital Funds. It follows an invest and collaborate approach and works with its portfolio companies on product, sales, hiring and finance. As on 31 March 2026 it had 37 people, including 23 permanent and 14 contract employees.
Timeline
- doneOpens19 Aug
- doneCloses21 Aug
- doneAllotment24 Aug
- doneRefunds25 Aug
- doneDemat credit25 Aug
- doneListing26 Aug
Grey market premium (GMP)
GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
- Highest
- ₹ 30 on 18 Aug 2026
- Lowest
- ₹ 7 on 17 Aug 2026
- First quoted
- ₹ 7 on 17 Aug 2026
Subscription
How many times each investor group bid for its share, as of 26 Aug 2026, 06:30 PM IST.
How much to apply for
The smallest and largest bids for each kind of investor at the upper price band.
| Retail (Min) | 1 | 93 | ₹ 14,880 |
| Retail (Max) | 13 | 1,209 | ₹ 1,93,440 |
| S-HNI (Min) | 14 | 1,302 | ₹ 2,08,320 |
| B-HNI (Min) | 68 | 6,324 | ₹ 10,11,840 |
Company overview
Financials
| Assets | 706.49 | 451.87 | 388.6 |
| Total Income | 157.8 | 123.31 | 103.96 |
| Profit After Tax | 81.96 | 61.95 | 44.74 |
| NET Worth | 606.52 | 388.97 | 331.88 |
| Reserves and Surplus | 525.33 | 381.75 | 325.79 |
| Total Borrowing | 41.56 | 4 | 3.51 |
Strengths
- Growth has been steady for three years. Total income went from Rs 103.96 crore in FY2024 to Rs 123.31 crore in FY2025 and Rs 157.80 crore in FY2026.
- Profit has also grown every year, from Rs 44.74 crore in FY2024 to Rs 61.95 crore in FY2025 and Rs 81.96 crore in FY2026.
- The business is highly profitable. Profit after tax of Rs 81.96 crore on total income of Rs 157.80 crore means more than half of the income comes down as profit.
- The balance sheet is strong. Net worth was Rs 606.52 crore against borrowing of only Rs 41.56 crore as on 31 March 2026.
- The company has put its own money in its funds. The sponsor commitment of about Rs 274 crore is 6.41% of the fund size, so its interest is aligned with the investors.
- It has a long record of over 25 years and has run multiple fund cycles through Fund II, Fund III and Fund IV.
- Investors come from more than 20 countries, so the money source is spread out and not dependent on one market.
- Out of the Rs 550 crore issue, Rs 450 crore is fresh money coming to the company.
Risks
- This issue is priced high on earnings. At the upper band of Rs 160 the post issue P/E is about 27.54 times on an EPS of Rs 5.81.
- A part of the income is carried interest and gain on own investment. This income comes only when a fund sells an investment at a profit, so it is lumpy and does not come every year in the same amount.
- The team is very small, with only 37 people of which 14 are on contract. The business depends heavily on a few key fund managers.
- Borrowing rose sharply in one year, from Rs 4.00 crore to Rs 41.56 crore.
- This is a cyclical business. If markets fall, new fund raising becomes slow and exits get delayed, which directly reduces both fees and carried interest.
- The business is fully dependent on SEBI AIF rules. Any change in regulation on fees, structure or taxation will affect earnings.
- Rs 100 crore of the Rs 550 crore issue is an offer for sale and that money goes to the selling shareholders.
- The company manages a limited number of funds, so the performance of one weak fund can affect its reputation and its ability to raise the next fund.
What the money is for
| Investing towards Sponsor Commitments to certain existing funds, new funds and for repayment of the Bridge Loan Amount as follows: (a) investing towards balance Sponsor Commitment to the following constituent funds of Fund IV and Bridge Loan Amount (i) Gaja Capital India Fund 2020 LLP; (ii) Gaja Capital India Fund 2020 (iii) Bridge Loan Amount (b) investing towards Sponsor Commitment to the proposed Fund V (c) investing towards Sponsor Commitment to the Secondaries Fund | 372 |
| General Corporate Purposes | — |
Promoters
- Gopal Jain
- Ranjit Jayant Shah
- Imran Jafar
- Chitra Jain
- Mona Ranjit Shah
Anchor investors
20 anchors put in ₹ 164.98 Cr., including 13 mutual funds.
| NIPPON INDIA BANKING & FINANCIAL SERVICES FUND | 18,75,066 | 30 | 18.18% |
| INVESCO INDIA FINANCIAL SERVICES FUND | 16,87,578 | 27 | 16.36% |
| SUMMIT EQUITY LONG-SHORT FUND | 1,87,488 | 3 | 1.82% |
| HDFC LIFE INSURANCE CO.LTD. | 7,80,642 | 12.49 | 7.57% |
| JM SMALL CAP FUND | 3,74,976 | 6 | 3.64% |
| JM MIDCAP FUND | 2,18,643 | 3.5 | 2.12% |
| JM MULTI ASSET ALLOCATION FUND | 1,25,085 | 2 | 1.21% |
| JM VALUE FUND | 62,403 | 1 | 0.61% |
| SBI LIFE INSURANCE CO.LTD. | 6,25,053 | 10 | 6.06% |
| HELIOS SMALL CAP FUND | 6,25,053 | 10 | 6.06% |
| TRUST MF FLEXI CAP FUND | 6,25,053 | 10 | 6.06% |
| GROWW MULTICAP FUND | 3,48,378 | 5.57 | 3.38% |
| GROWW SMALL CAP FUND | 1,51,497 | 2.42 | 1.47% |
| GROWW BANKING & FINANCIAL SERVICES FUND | 1,25,178 | 2 | 1.21% |
| SANSHI FUND-I | 6,25,053 | 10 | 6.06% |
| BENGAL FINANCE & INVESTMENT PVT.LTD. | 6,25,053 | 10 | 6.06% |
| WINRO COMMERCIAL (INDIA) LTD. | 3,12,582 | 5 | 3.03% |
| BAJAJ LIFE INSURANCE LTD. | 3,12,573 | 5 | 3.03% |
| SAMCO ACTIVE MOMENTUM FUND | 3,12,573 | 5 | 3.03% |
| SOCIETE GENERALE-ODI | 3,12,573 | 5 | 3.03% |
Registrar, lead managers and documents
- Listing on
- BSE, NSE
- Face value
- ₹ 5 a share
- Registrar
- MUFG Intime India Private Limited
- Lead managers
- JM Financial Ltd., IIFL Capital Services Limited
- Basis of allotment
- Open
IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.